There is a selection effect. It’s actually well documented [0] that poor people buy more lottery tickets than people richer than them. Not just as a percent of

There is a selection effect. It’s actually well documented [0] that poor people buy more lottery tickets than people richer than them. Not just as a percent of income, but also absolute dollars. From a behavioral perspective, I doubt that most Americans are well suited to winning a lottery and being able to manage that transition well. Just look at all the bankruptcy stats on lottery winners. [1] I work with people who have a lot of money. It’s part of my job. And although I’m not rich, im not suffering either. But this week as I reflected with my wife on what winning a billion dollars would be like, the thought that it would rip you out of whatever reality we currently live in and plop is into another reality is inescapable. For instance, I want to enjoy the money. That means I’m never flying coach again. But if I’m flying my family around the world first class, who do we go with? Our friends don’t have that kind of money. So would we pay for them? Ok, then when do we stop paying for others? (Before the money is all gone). And how does it affect the friendship when one friend is paying for everything the other one enjoys? The dynamic is weird, and probably stressful as can be imagined. Having enough money that you can’t run out imof it (assume being prudent) would be great, but the social costs are high. I like my friends and neighbors and don’t want to have to get new ones because of the influx of ridiculous amounts of money. [0] - https://www.bloomberg.com/news/articles/2018-09-12/the-poorest-americans-risk-the-most-in-hopes-of-striking-it-rich https://www.bloomberg.com/news/articles/2018-09-12/the-poore... [1] - https://www.cnbc.com/amp/2017/08/25/heres-why-lottery-winners-go-broke.html https://www.cnbc.com/amp/2017/08/25/heres-why-lottery-winner...